All Forum Posts by: Paul Bowers

I'm not sure on the legalities of becoming a lender but for protection you would file a lien on either the property being bought or the owners other assets. As for sharing in the profits it would all depend on the structure of the deal. Typically it's just structured as a loan with possible points and interest. Giving a piece of the profit would seem to me more as a partnership than a hard money loan.

https://www.biggerpockets.com/store/store_front

I'm brand new at this but it seems that using a percentage of the rent to set aside for CapEx doesn't seem to make sense. Let's assume I buy two different 1,500 square foot houses and one rents for $2,000 per month and the other rents for $800 per month. A furnace, a roof, water heater, etc will cost the same in either house but I've accounted for 2.5 times the money for one property over the other. Is there a better way to look at this?

I'm leaving them in my first house but it is a buy and hold with a fairly small budget. That being said they create great heat and if you have allergies or pets they don't stir up any dust.

I'm in the midst of getting my first property ready to rent and I'm starting to look at my next adventure. I was out "driving for dollars" yesterday and came across a few vacant properties with no for sale signs. I've googled the addresses and don't find much. What's my next step? How do I figure out who or what entity is now in control of the property if I want to try to buy it? These are located in Wayne, Monroe and Ontario county in New York.

That's great, Chris has been a customer of mine for years!  I'll reach out to him, thanks.

Closed on my first SRF in February and am currently finishing rehab. I need to get setup with a good real estate accountant before I get any further along and start making mistakes. Any direction would be greatly appreciated. 

What kind of terms did they do for your other loan with them?  Were you both happy with the results? 

Did this ever become a regular/recurring thing?

Hello everyone. I'm Paul Bowers. I've been lurking on the site since last September and decided it was time to say hello and get involved. I've been selling cars for 30 years and have been thinking of getting involved in real estate for as long as I can remember. I finally jumped in and bought my first property in February. I'll get into that in another thread. After 30 years of working Saturdays and evenings I've decided I am getting to old for the grind of retail. I have dreams to be able to make this a replacement of my income within the next 5-7 years. Thanks to Josh and all the other folks here at BP, without months of education and inspiration I don't think I would have ever pulled the trigger on my first one.